Investors felt a wave of relief when a bill to avert parts of the so-called fiscal cliff finally emerged from Congress on New Year's Day. The deal, among other things, maintained current tax rates for individuals making less than $400,000 a year, permanently fixed the Alternative Minimum Tax, kept parity between dividend and capital gains tax rates, and exempted estates smaller than $5 million from taxes.

But what the deal didn't address has set up new question marks for investors. The mandatory cuts to defense programs and discretionary spending were only pushed off for two months, and both sides are far from agreement on how these cuts should be implemented. Democrats are looking for additional tax revenues to go with any additional spending cuts, something Republicans generally oppose. The deal also failed to address the long-term issues with entitlement spending that will have to be tackled at some point.

The new legislation additionally failed to raise the debt ceiling, setting up a battle that could come as soon as February to increase the federal government's statutory borrowing power. With President Obama insisting he will not negotiate over the debt ceiling and Republicans looking for major concessions in return for raising the ceiling, we could be bound for another bruising battle reminiscent of the August 2011 debt-ceiling debate that led to the downgrade of the U.S. credit rating.

Below, we've compiled Morningstar's take on the buildup to the deal, what the bill itself means for investors, and what's next. We've also included several outside expert opinions on these key issues. We'll update this page as negotiations continue, so be sure to check back regularly.

Morningstar's Take Cliff Crisis Averted, but Don't Get Too Comfy (Jan. 5, 2013)
Part of the so-called fiscal cliff was avoided, but the economy will still feel related headwinds in the first quarter, and more skirmishes loom.

What the Cliff Compromise Means for the Economy (Jan. 2, 2013)
Congress' last-minute deal cut the so-called fiscal cliff in half, lessening economic headwinds in the short term, but much work remains to address longer-term debt and deficit issues, says Morningstar's Bob Johnson.

Guideposts in an Uncertain Tax Environment (Oct. 3, 2012)
Investors can do more harm than good when they start reacting to what they think might happen in a period of substantial uncertainty, says Vanguard's Joel Dickson.

Tactics for Tax-Gain Harvesting This Fall (Sept. 19, 2012)
Taking a capital gain this year on some securities could pay off for certain investors, even if capital gains rates remain at lower levels, says Pinnacle Advisory Group's Michael Kitces.

Sturdy Shelters for a Cloudy Tax Forecast (July 26, 2012)
Many of the best practices for tax efficiency are even more important for investors in light of possible tax increases next year, says Morningstar's Christine Benz.

Perspectives
Pat Dorsey (Sanibel Captiva Investment Advisers)Stepping Back From the So-Called 'Cliff' (Dec. 11, 2012)
Despite all the hyperventilating in the media, these are the things investors should bear in mind, says Sanibel Captiva's Pat Dorsey.

PIMCODividends and the Fiscal Cliff – Look Out Below (Nov. 9, 2012)
Near-term volatility in dividend stocks will affect the narrow spectrum of U.S. dividend payers with greater than 3% yields that investors have crowded into, including U.S. telecoms and utilities.

Columbia ManagementHiking the Fiscal Cliff (Nov. 2, 2012)
Below are the key tectonic guideposts to understand how the interlocking tiers of political stratification could play out during the upcoming lame duck session.